The size of the Latin America regenerative medicine market is estimated to worth USD 6.50 billion by 2027 and USD 2.15 billion in 2022, growing at a CAGR of 24.8% from 2022 to 2027.
Factors that are primarily fueling the growth of the Latin American regenerative medicine market, including increased consolidation among healthcare behemoths, an increase in the number of clinical trials for regenerative therapies, a favorable regulatory environment to expedite approvals and market entry, and increased awareness for stem cell therapeutics. One of the other primary factors expected to fuel market growth is the availability of a strong product pipeline in stem cell and gene therapy by various research institutions and leading industry competitors. Chronic diseases such as cardiovascular disease, cancer, diabetes, ulcers, and genetic disorders such as cystic fibrosis have grown considerably in frequency and prevalence worldwide. Diabetes and obesity can increase the incidence and complexity of wounds such as infections, ulcerations (leg or foot ulcers), and surgical wounds, all of which require care and take a lot of time. The rising use of stem cell technologies, gene therapies, tissue engineering, and technical advancements in regenerative medicine is driving the Latin American regenerative medicine market forward.
The market expansion is further expected to be supported by a greater focus on stem cells and an increase in R&D efforts in emerging markets. Growing demands for organ transplantation in this region and the commercialization of regenerative medicine are some of the main factors expected to boost Latin America's regenerative medicine market trends throughout the forecast period. One of the major drivers of market expansion is increased skin substitutes, grafts, bone matrix, and other tissue-engineered regenerative medicine. Regenerated tracheas for transplant, 3D bioprinting, stem cell therapies for vision loss, and stem cell treatments for heart repair are recent advancements in regenerative medicine.
Government regulations, operational inefficiencies, and the high cost of regenerative medicine treatment are expected to slow the market's growth. Although there are differences between cell growth, tissue, and organs, developing sensors and quality control systems for regenerative medicine production presents significant challenges. For cell-based treatment batches, product loss or poor growth may delay testing or complete expansion.
Impact of COVID-19 on the Latin America Regenerative Medicine Market:
The abrupt change caused by COVID-19 Pandemic researcher has difficulty in conducting their regenerative medicine treatment. Transportation is also one of the obstacles hindering the growth of the market in this region. Increasing COVID-19 cases and demand to find a vaccine with various techniques is surging the growth of this market. Government policies and private funding are supporting researchers. Companies are highly investing in research and development to advance their regenerative medicine products to accelerate market growth in Mexico. In Brazil, an increasing number of regulatory approvals has made the market grow up significantly. The government takes initiatives and adopting the latest technology greatly influences the demand of the market.
This research report on the Latin American Regenerative Medicine Market has been segmented and sub-segmented into the following categories:
Geographically, the Latin American market had accounted for a substantial share in the global market in 2020. During the forecast period, the Mexican regenerative medicine market is estimated to account significant share in the Latin American market. In Mexico, increasing incidences of chronic diseases such as Alzheimer’s disease, Parkinson’s disease, diabetes, heart disease, renal failure, osteoporosis, and spinal cord injuries which can be treated with regenerative medicine, are major factors for the market to grow. However, this is an expensive treatment where common people cannot afford is impeding the market growth.
The Brazilian regenerative medicine market is forecasted to register healthy CAGR from 2022 to 2027. The market's growth is largely driven by the introduction of the Cures Act for regenerative medicine by the FDA. Increased funding for regenerative medicine research, development of CAR-T cell therapies, and increasing demand for regenerative medicine to treat cancer, orthopedic disorders, and chronic diseases are solely propelling the market's growth.
KEY MARKET PLAYERS:
A few of the prominent companies dominating in the Latin America Regenerative Medicines Market are Vertex Pharmaceuticals Incorporated, Acelity L.P. Inc., Celgene Corporation, StemCells, Inc., Organogenesis Inc., NuVasive, Inc., Vericel Corporation (Genzyme), Japan Tissue Engineering Co., Ltd., Cytori Therapeutics Inc., Advantagene, Inc. and Mesoblast Ltd.
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